95% Mortgages at Castlegate Adamstown!

Oliver1985

Anyone get the metro this morning? Big ad about Adamstown! 3 bed under 199k ! Is this 95% Mortgage not what got us into trouble in the first place or is it just cause the property is Cheap?

JJ

100 to 120% mortgage got us in trouble in the first place.

spockety

JJ wrote: »

100 to 120% mortgage got us in trouble in the first place.

Not in isolation.

* 100%+ mortgages
* 35/40 year mortgages
* "Affordability" calculations allowing salary multiples of 8x-10x
* Specuvestor lending for amateur landlords, interest only, etc.

Really the financial regulator utterly failed to protect the interests of the state, and although the ship has sailed, he should step in now to protect future generations.

* No mortgages greater than 90% LTV
* No mortgages longer than 25 years
* No mortgages of more than 4-5 times your annual salary for a single person, or 4-5 times main earner and 1 times secondary earner

etc.

godtabh

bank employees still get 100% mortgages

the_syco

When I think of Adamstown now, I think "gotttt to get a ghetto, gotta get a ghetto now!". I can't see people rushing to get a house there until the prices drop a good bit. Oh, and when some facilities get built there.

Oliver1985

the_syco wrote: »

When I think of Adamstown now, I think "gotttt to get a ghetto, gotta get a ghetto now!". I can't see people rushing to get a house there until the prices drop a good bit. Oh, and when some facilities get built there.

They have dropped 50% already!! Wonder how far will they go!

stepbar

the_syco wrote: »

When I think of Adamstown now, I think "gotttt to get a ghetto, gotta get a ghetto now!". I can't see people rushing to get a house there until the prices drop a good bit. Oh, and when some facilities get built there.

I went out to Adamstown today for a look.

I went to the paddocks first. http://www.thepaddocksatadamstown.com/. There seems to be more people in this development, however over half the site is still undeveloped.

I asked about the pricing on a number of properties and was told that a price list was available, but they were negotiable. Was told this straight out without asking.

Then I went and had a look at a few of the showhouses. Fairly poor finishes TBH for showhouses. Wasn't madly impressed with the estate TBH. Poor finishes all round and no grassy area within the estate. Made my excuses and left.

Then I went down the road to Adamstown. I thought I was entering a scene from "28 days later". Absolutely dead. No kids out playing, 1 shop on site and SFA else bar the train station (which was empty). I checked out a few of the houses. First up, a 2 bed at 185k. I asked about price and was told that they might knock a couple of k off. I was getting angry at this stage. Then they told me that the cost of fitting out the prices were excluding fitout (fair enough), but that the cost of fitout was 15k!!!!! FFS :rolleyes: I was shocked and told them I thought it was ridiculous. For some reason, the estate agent kept repeating that the house represented great value :rolleyes: Probably due to the fact I said I wouldn't pay anymore than 150 - 160k with full fitout included Anyhow I left it at that. Again the finish was wasn't powerful (for show apartments). Before I left I went into a 3 bed, this was priced at 200k (I know an extra 15k gets you an extra bed :rolleyes:). Nice apt but again price didn't represent good value.

On the way home I popped into St Edmunds. Beautiful apartments. Excellent finish on the showhouses. However, the prices were off the scale. 235k for a 2 bed and 7k extra for a 2 bed with 5sq m extra :rolleyes: Getting annoyed with the whole thing, I made my excuses and left. I didn't even question the price.

Conclusion - Developers are still living in cloud cookoo land. Prices won't be realisic until the man on the average wage can afford to buy a one / two bed house.

The_Conductor

Remember these aren't 1/2/3 bed houses- these are leases in managed developments- where you will likely have an annual management charge of 2,500/3000 per annum on top of everything (which is sufficient to service another 50k of mortgage by my reckoning?)

The whole managed complex/management company issue- is not going to go away.

As for Adamstown- I have no idea what they're going to do with the place (and there is planning permission for another 8000 units in adjacent sites). The developer also owns Finnstown House by the way- whatever they have in mind for it.......

dan_d

Amazing that the retards in charge of this country still haven't copped on and banned 95 % mortgages and a term over 25 years.
Course their developer buddies would lose millions on their developments then, so they can't really do that.
Anyway, from looking around, it would appear that older houses (ie second hand) represent better value price-wise and for many older estates there are no management fees.
I'd be steering very clear of new builds right now. You have no way of knowing if an estate will ever be finished, let alone by the date they give you. You could be stuck in a building site for the entire time in the house. Plus the management fees, which, as smcarrisk says, represent a huge amount of extra money every year.
Not advisable.